Nancy Pelosi is working on a ban on stock trading for lawmakers and senior staff, report says

• Pelosi is working on banning lawmakers and senior staff from trading stocks, Punchbowl News reported.
• The push to reform rules meant to stop insider trading has been gathering bipartisan momentum.

House Speaker Nancy Pelosi is working on banning stock trading by lawmakers and senior congressional staff, Punchbowl News first reported Wednesday.

Pelosi and House Democratic leaders reportedly want to amend the Stop Trading on Congressional Knowledge (STOCK) Act, a 2012 law designed to combat insider trading by requiring timely disclosure of stock transactions. Insider's "Conflicted Congress" project showed widespread violation of that law.

Pelosi has come under pressure from both Democrats and Republicans, including former President Donald Trump, to take action. She initially said she opposed such a ban, but reversed her position last month, telling Insider that "if members want to do that, I'm okay with that."

On Tuesday, Senate Majority Leader Chuck Schumer declared his support for a ban, telling Insider: "I would like to see it done." Insider previously scooped that he'd convened a group of 6 Democratic senators to discuss implementing new restrictions.

Senior Republicans, including House Minority Leader Kevin McCarthy, have also declared support for the reform, with McCarthy saying he would introduce a ban if Republicans win control of the House in November's midterms.

Senate Minority Leader Mitch McConnell, for his part, told Insider on Tuesday that Republicans will "take a look at that kind of legislation."

Democratic Rep. Zoe Lofgren of California, the chair of the Committee on House Administration, is reportedly taking the lead on the effort. Pelosi had previously directed Lofgren and the committee to look at imposing higher fines for STOCK Act violations.

And according to Punchbowl, the ban is expected to include new restrictions on investments for federal judges as well. Last month, Pelosi made clear that she wanted to see the judiciary held to the same standard as Congress. "I say, when we go forward with anything, let's take the Supreme Court with us," she said.

Punchbowl also reported that the Ethics in Government Act may be revised as part of the effort as well, and that higher fines may be imposed for filing late financial disclosures.

Insider's "Conflicted Congress" investigation found that 55 members of Congress and nearly 200 senior staffers had violated laws aimed at stopping insider trading and avoiding conflicts of interests.